Former MTN South Africa CEO Zunaid Bulbulia has been appointed as chief financial officer of Huge Group with immediate effect.

Bulbulia, who joined Huge Group in January 2016 as a nonexecutive director, is also a former chief financial officer of MTN South Africa and chief operations executive for the broader mobile group.

David Deetlefs, who was serving as the group financial director of Huge, will remain on the board as an executive director, Huge Group said in a statement to shareholders on Monday.

“Zunaid has … played a pivotal role in both the recently announced acquisition of the ConnectNet Group and various mobile network operator interactions,” the company said in the statement.

“The board has decided that the company needs to establish a group structure that will allow it to manage effectively its existing operating companies and the future operating companies that it envisages acquiring,” it added.

“Zunaid becomes the first direct employee of Huge, with all other employees in the group being employed currently by the operating companies.”

In December 2016, Huge Group said that Bulbulia and former top equities analyst Duarte da Silva, who serves as its chairman, would invest more than R125m buying significant minority positions in the business.

Huge Group, which is led by CEO James Herbst, has delivered strong returns for shareholders in recent years. In the past 12 months, the share price has climbed by 89%, while over three years, it has added 755%. — © 2017 NewsCentral Media